Consumers are unfazed by "fiscal cliff" talk, data showAmerican consumers are generally aware of the debate about the "fiscal cliff" awaiting the U.S. economy at year-end, but they aren't worried enough to scale back holiday spending plans, according to data from the National Retail Federation. The group predicts that sales over the holiday shopping season will jump 4.1%, its most optimistic forecast since the recession. The Washington Post/Wonkblog
(10/22)

Investors are cheered by Fed's calm reaction to rising economyThe U.S. unemployment rate has fallen from 8.1% to 7.8% since the Federal Open Market Committee last met, and the estimate for third-quarter growth has increased from an annual rate of 1.5% to 2%. Also improving are retail sales, housing starts and consumer confidence. This week's committee meeting will most likely entail not rocking the boat, observers say. The Washington Post
(10/22)

What to do with Fannie Mae and Freddie Mac?Policymakers have let Fannie Mae and Freddie Mac dominate the market while also letting them run on autopilot. What is left of Fannie and Freddie is an indefinite, U.S.-run conservatorship with $5 trillion in liabilities. "It's been in a holding pattern, and that's ultimately death to a business," said Jim Millstein, the official who oversaw the Treasury's recapitalization and sale of American International Group. The Wall Street Journal
(10/21)

Mortgage REITs still in playMortgage REITs performed well last week when other stocks dropped, John Gerard Lewis writes. Before that, pundits said they were finished, at least for this cycle. Mortgage REITs should not be expected to follow the stock market and they should be viewed through a long-term prism, Lewis writes. MarketWatch
(10/22)

Real Estate Marketplace

Macerich buys 2 retail centers for $1.25 billionMacerich acquired two large retail centers in the New York City area for $1.25 billion. It acquired Kings Plaza in Brooklyn for $751 million and Green Acres Mall in Nassau County. The sellers were subsidiaries of Vornado Realty Trust. GlobeSt.com
(10/22)

Regulators struggle to agree on details of Volcker ruleThe Securities and Exchange Commission is clashing with other regulators in crafting the Volcker rule, raising doubt that the rule will be finalized by year-end. The situation also raises concern that the agencies will issue conflicting standards. The dispute involves how to define market making and banks' ability to invest in hedge funds and other investment vehicles, sources said. The Wall Street Journal
(10/22)